A Surety Bond is a contract among at least three parties: The Principal, is the party that undertakes the obligation.

The Obligee, Is the party who receives the benefit of the Surety Bond .

SIMPLY STATED a Surety Bond is a written agreement that usually provides for monetary compensation in case the principal fails to perform the acts promised.

A Surety Bond is a reverse Insurance policy where the principal Indemnifies the surety and pays back all fees and expense the surety may have suffered due to a claim. On this note the Surety will review your personal credit, financial strength to determine surety credit.

There are many types of Surety Bonds, but the two general categories are contract and commercial. Commercial or you can call them License and permit bonds are a general class of bonds required of a person or entity to obtain a license or a permit in any city, county, or state such as a MVD Bond or Mortgage Broker Bond. read more about Surety Bonds.

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